TL; DR Breakdown
- Trezor will remove the AOPP feature in a new update
- The company faced backlash over the update
- Other wallets are removing the AOPP feature
Since the inception of the crypto sector, there has been a list of companies providing wallet services to help users store their assets. Entering the scene in 2012, the Swiss financial crypto company has done well in this regard. Throughout that time, it had mandated users to show proof of owning their assets before they could be allowed to send assets to an external wallet. In the crypto sector, this is called the Address Ownership Proof Protocol. In order to make its wallet more secure, Trezor announced this feature in an update last week.
Trezor faced backlash over the update
Trezor allows users to add their self-generated signatures to verify transactions with this new feature. However, this feature was not open to users in some locations. In a new update on January 28, Trezor has announced that it will remove the new feature after an update.
Giving credence to this news, the wallet service provider mentioned that negative feedback had caused it to rethink its decision to include the AOPP in its wallet. The visual feedback across social media such as Twitter and Reddit was from users who claimed that the new update would rob them of their privacy. Others argued that Trezor was only interested in conforming to regulations and did not care about what happened to them regarding the AOPP update.
Other wallets remove the AOPP feature
In its statement, Trezor mentioned that it didn’t envisage this sort of reaction from its users while planning to include the feature. However, it has been noted that it is fully responsible for all the public scrutiny, and they are all welcome. This new update has shown that Trezor is one of the few customer-focused companies in the crypto market. This is judged by the days between the announcement of the update and the announcement of the removal of the AOPP.
Trezor has also claimed that it is not in line with the various issues that have battled the AOPP in the last few years. The issues have been adamant about KYC for transactions and data leaks. The company mentioned that the aim was to make withdrawals in certain countries guarded due to the stringent laws but did not look at the repercussions of such actions. Taking the same steps, a few wallets have removed the AOPP feature from their wallets.
Even though the AOPP does not directly put these wallets users at harm, privacy is one feature that is robbing them. Over the years, the crypto market has held onto this as a strong point. Others also fear that with AOPP making a debut, it could be hijacked and forced on non-custodial wallets by the governments.